An unusual combination of factors is fueling house price increases despite a downturn in sales, a new housing survey finds. Toronto house prices are likely to continue to soften into next year, but will avoid a hotly anticipated major downturn, as “2013 finds the Canadian housing industry in a highly unusual place,” according to a new quarterly housing survey by Royal LePage.
The rare combination of low interest rates, flattening house prices and an improving economy “is not something we’ve seen before,” says Royal LePage president Phil Soper. “Typically, one of these variables is moving hard in an opposite direction.”..............................................Full Article: Source